Praj Industries comes under the IT scanner

Pune based leading biofuels technology developer and manufacturer of equipment for breweries and distilleries, Praj Industries, came under the IT scanner as income tax authorities conducted search and survey operations on the company's official and residential premises, two individuals privy to the development told ET NOW.

The operations were carried out last week on the premise of alleged tax evasion by the investigative wing of the Pune Income tax department , sources added. In an email response to ET NOW's query, Praj Industries responded saying, "The income tax authorities initiated proceedings under Section 132/133A of the Income tax Act, 1961. The proceedings are continuing and the Company has been legally advised not to make any public statement on the merits of the matter during the pendency of these proceedings."

Section 132 of the income tax act refers to search operations by IT authorities and Section 133 A of the income tax act refers to powers of survey. In a recent statement, the Central Board of Direct taxes said revenue authorities had detected undisclosed income of over Rs 9,200 crore during their search operations across 330 business establishments last fiscal.